| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement by Seera Group Holding (“the Group”) published on the Saudi Stock Exchange website on 08/11/2023 AD corresponding to 24/04/1445 AH regarding the launch of its strategy, which includes the Group’s investment in a private real estate fund to develop the Kayanat Central business center (“Kayanat”, “The Fund”) managed by Alistithmar Capital, the Group announces to its valued shareholders the decision of the Fund’s Board of Directors to sell Kayanat project, according to the details explained below, with execution contingent upon fulfilling the sales conditions. |
| Previous Announcement | The launch of the group's strategy |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-11-08 Corresponding to 1445-04-24 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | With reference to the Group’s investment in a private real estate fund to develop the Kayanat Central business center managed by Alistithmar Capital, the Group announces to its valued shareholders the decision of the Fund’s Board of Directors to sell the Kayanat project with execution contingent upon fulfilling the sales conditions. In line with the capital allocation approach announced as part of the strategy, which aims to maximize shareholder equity and includes a share buyback program, and given the completion of the previous program and the Board of Directors’ announcement of its intention to launch a new one, it is planned that all/ part of the exit proceeds will be directed to support the new share buyback program, subject to obtaining the required regulatory and supervisory approvals, including the approval of the General Assembly. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | The net book value of the project is SAR (587.1) Five hundred eighty-seven million and one hundred thousand Saudi Riyals as per the latest reviewed financials, and the expected exit proceeds from the fund are approximately SAR 590 five hundred and ninety million SAR. |
